U.S. congressmen introduced two bills aimed at innovation in the cryptocurrency industry
A joint statement released by Congressman Ted Budd (R-NC) and Darren Soto (D-FL), described the value of digital assets in the future global economy and the importance of ensuring that the U.S. is an industry leader.
The congressmen announced two new bills calling upon the Commodity Futures Trading Commission (CFTC) to implement new methods in order to ensure security and innovation in the cryptocurrency industry.
“The Virtual Currency Consumer Protection Act of 2018” tasks the CFTC with identifying aspects of market manipulation in order to develop proper measures to prevent future manipulation attempts. The congressmen believe this to be a vital part in ensuring the safety of markets as they continue to grow.
“The U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018” tasks the CFTC with identifying successful regulations worldwide in order to implement regulations at home to promote innovation in the industry. Germany, Switzerland, and Malta are currently considered to be the top three leaders in cryptocurrency regulation. Their open approaches to regulations and ability to work with cryptocurrency leaders in their countries have made them the most sought-after nations for cryptocurrency startups.